Get ready for metaverse news about games. Carry1st has raised a $27 million fundraising round to expand its publishing and digital content creation platform in Africa, an area ripe for Web3 adoption, according to its investors.
Bitkraft Ventures led the $27 million fundraising round, including participation from Andreessen Horowitz, also known as a16z. Also participating were TTV Capital, Konvoy, Alumni Ventures, Lateral Capital, and Kepple Ventures.
A year earlier, Carry1st got $20 million in funding from a16z and Alphabet, the parent company of Google. Carry1st stated at the time that the investment would be used to improve its internal capacity and content portfolio. This includes investigating Web3 play-to-earn gaming and incorporating NFTs into the gaming experience.
The current funding will be used to extend the capabilities of Pay1st, the company’s monetization-as-a-service platform that enables third-party publishers to earn more money in Africa, according to a Carry1st spokesperson.
As a game publisher, Carry1st offers a full-stack solution for getting profit from and managing mobile games on the African continent. In 2022, the company teamed up with Riot Games, the company that made League of Legends and is based in Los Angeles, to test local payments for its games in Africa.
Africa is a fast-growing digital asset market. In November, the IMF published a research on crypto adoption in Kenya, Nigeria, and South Africa. The IMF reported that continental crypto transactions reached $20 billion per month in mid-2021, citing Chainalysis data.
Africa’s crypto adoption is being driven by its young population, poor economic management by the government, and a lack of efficient banking infrastructure. As a consequence, more people are choosing decentralized payment systems such as Bitcoin and stablecoins.
spokesperson for Carry1st said: “Mobile democratizes access to games such that a person doesn’t need a $1000 console to enjoy, they can use a gaming device which already exists in their pockets. As a result, mobile gaming adoption has been soaring in Africa due to awesome demographics, increased smartphone penetration, and rising incomes.”
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